XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows provided by operating activities:    
Net income $ 73,681 $ 55,912
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 3,469 2,931
Provision for bad debts 4,997 4,383
Depreciation and amortization 13,947 13,267
Deferred income taxes 1,928 3,723
Other 539 122
Changes in assets and liabilities:    
Accounts receivable (3,558) (3,265)
Prepaid expenses and other (1,332) (2,257)
Accounts payable 563 1,042
Accrued liabilities and employee related liabilities 7,665 3,381
Income taxes receivable/payable 14,809 16,654
Deferred rent (36) (92)
Deferred revenue 24,686 29,020
Student deposits (22,350) (15,165)
Net cash provided by operating activities 119,008 109,656
Cash flows used in investing activities:    
Capital expenditures (35,173) (21,729)
Purchases of land and building improvements related to off-site development (174) (7,898)
Purchases of investments (17,122) (26,532)
Proceeds from sale or maturity of investments 13,944 7,571
Net cash used in investing activities (38,525) (48,588)
Cash flows used in financing activities:    
Principal payments on notes payable and capital lease obligations (1,716) (1,698)
Net borrowings from revolving line of credit   (25,000)
Repurchase of common shares including shares withheld in lieu of income taxes (12,032) (9,516)
Net proceeds from exercise of stock options 919 3,122
Net cash used in financing activities (12,829) (33,092)
Net increase in cash and cash equivalents and restricted cash 67,654 27,976
Cash and cash equivalents and restricted cash, beginning of period 248,008 130,907
Cash and cash equivalents and restricted cash, end of period 315,662 158,883
Supplemental disclosure of cash flow information    
Cash paid for interest 321 674
Cash paid for income taxes 375 438
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 13,081 $ 5,993
Reclassification of capitalized costs - adoption of ASC 606 9,015  
Reclassification of deferred revenue - adoption of ASC 606 $ 7,451